Grandparents are helping their grandchildren financially by supplementing the funding from the Bank of Mum & Dad. This financial support is likely to increase following the introduction of the new pension freedoms. …
Bower Nominated for Major Equity Release Award
Bower have been nominated for the award of Best Equity Release Broker for 2014 by readers of What Mortgage Magazine. The Bower team were winners of this prestigious award last year and to be nominated for this award again is testament to the quality of service Bower provides to its customers. …
Bower Adviser Nominated for Major Equity Release Award
Ian Howarth, a member of the Bower adviser team, has been nominated to stand in the Equity Release Broker category at the forthcoming British Mortgage Awards ceremony. Ian’s nomination reflects his exceptional product knowledge, experience and his success in improving the awareness of Equity Release amongst potential consumers. …
Early Redemption Charges – A More Enlightened Approach
Potential Early Redemption Charges (“ERCs”) discourage consumers from entering into Equity Release plans. With the duration of a Lifetime Mortgage often extending for over 20 years, people may wish to redeem them early when their personal circumstances change as they get older. A more flexible policy towards ERCs is at last being applied by some Providers. …
The Equity Release Sector Moves Towards The Mainstream
Following the forthcoming introduction of greater pension freedoms for retirees, Pension Providers will be considering new types of retirement plan in order to retain and grow their huge ageing client base. Improving links with the Equity Release sector offers an enticing way forward for all stakeholders in the retirement and mortgage markets. …
Equity Release Lending Soars
The Equity Release market grew very strongly during the first quarter of this year. The popularity of the sector has been increased by the availability of Interest Only Lifetime Mortgages and rising house prices in most regions. The high level growth is set to continue irrespective of the state of the UK economy. …
Do You Have Enough Retirement Savings?
Research suggests that most of us underestimate our life expectancy and hence do not make adequate provision for retirement. Following the recent Budget, the Government is so concerned that it is likely to become a requirement for people to be given an indication of their life expectancy at the point of retirement to discourage them from depleting their retirement savings too quickly. Equity release plans are likely to become increasingly popular as alternatives to Annuities. …
Pension Cash Drawdowns and the Need for Financial Advice
Greater freedom with pensions could cause people to withdraw higher cash sums during the early years of retirement. In some cases, equity release will be deferred to a later date and hence the age profile of lifetime mortgage applicants could increase. The home is however likely to remain a popular source of income in retirement. …
Are You Prepared Enough Financially for Retirement?
Several recent surveys illustrate that too few of us are preparing ourselves for the financial needs of retirement. Many people are getting themselves into debt after they stop working in order to enjoy the early years of retirement. Equity Release Plans are now widely acknowledged as being an effective method of helping ageing people cope with the financial demands of retirement …
Pensioner Housing Wealth Rebounds
House prices have resumed an upward trend and are now close to their previous peak. The stronger property market, together with Equity Release Plans which have recently been launched, enable higher sums to be released making life easier for those at or in retirement. …